GBP/USD: UK and the European Union resumed Brexit negotiations in Brussels


GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP rose 0.22% against the USD and closed at 1.3143.

Yesterday, the sixth round of Brexit negotiations begun in Brussels with little hopes of significant progress.

In the Asian session, at GMT0400, the pair is trading at 1.3147, with the GBP trading slightly higher against the USD from yesterday’s close.

The pair is expected to find support at 1.3099, and a fall through could take it to the next support level of 1.3052. The pair is expected to find its first resistance at 1.3180, and a rise through could take it to the next resistance level of 1.3214.

Going ahead, market participants would keep a close watch on Britain’s industrial and manufacturing production, coupled with the nation’s total trade balance and construction output data, all for September, scheduled for release in a few hours. Later in the day, the release of NIESR GDP estimate for the three months ended October, will garner significant amount of investor attention.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

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